Medical Office
For Sale
Contact for pricing
1543 West Elliot Road, Gilbert, AZ 85233
Leased medical suite with reception, treatment, storage, and staff support areas.
Property Size1,502 SF
Price / SF$287.87
Days on Market109
Property Features for 1543 West Elliot Road
General Information
Standard status
Active
Size
1,502 SF
Class
B
Property subtype
Retail, Office
Zoning
SC
Occupancy
100%
Building Details
Buildings
1
Units
1
Tenancy
Single
Owner Occupied
No
Listing Agency:
Cobe Real Estate
(480) 251-1505
Listed By:
Steve Beck · License #714756000
Source:
Crexi
Added: May 16
Changed: Aug 30
Last Checked: Aug 31 at 4:03PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cobe Real Estate
Investment Insights
Based on property information with market context.
This 1,502-square-foot medical office condominium is leased to a medical spa under a 5-year term. The suite includes a reception area, four treatment rooms, a storage room, and a break/laundry room, creating a defined layout for daily medical or professional operations.
Located at 1543 West Elliot Road in Gilbert, Arizona, the property offers access to major roadways and sits near retail, dining, and dense residential neighborhoods. The condominium is zoned SC and combines an established medical-oriented configuration with a location serving surrounding residential and commercial activity.
Located at 1543 West Elliot Road in Gilbert, Arizona, the property offers access to major roadways and sits near retail, dining, and dense residential neighborhoods. The condominium is zoned SC and combines an established medical-oriented configuration with a location serving surrounding residential and commercial activity.
Key Highlights
- 1,502‑square‑foot medical office condominium
- Leased to a medical spa under a 5‑year term
- Four treatment rooms with reception area
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,900
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.06%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$438,000
$438.0K
Cap Rate 7%
$312,857
$312.9K
Cap Rate 9%
$243,333
$243.3K
Market Conditions
NOI Build-Up for 1,502 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$36.2K $24.12/SF
− Vacancy
−$7.0K −$4.68/SF
EGI
$29.2K $19.44/SF
− OpEx
−$7.3K −$4.86/SF
NOI
$21.9K $14.58/SF
Area
Gilbert, AZ
Vacancy
19.40%
Lease Rate
$24.12 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$438,000
Cap Rate 7%
$312,857
Cap Rate 9%
$243,333
Alternative Uses
Best Use
Office B
$312.9K
$273.8K – $365.0K
NOI $21,900 @ 7.0% cap · market cap 5.06%
Second Best
Healthcare Medical
$292.0K
$255.5K – $340.7K
NOI $20,439 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$394.4K
$345.1K – $460.1K
NOI $27,605 @ 7.0% cap · market cap 6.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
805
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 85233, AZ
39,006
Population
15,080
Households
2.6
Avg Household Size
37
Median Age
43%
College-Educated
95%
High-School Grad
9.6 sq mi
ZIP Area
4,063
Density / Sq Mi
$105,154
Median Household Income
$55,132
Median Earnings
$1,895
Median Rent
$468,600
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Herd Health Management — 170 S William Dillard Dr Bldg 6 Suite 114, Gilbert, AZ 85233
- Dr. Alyn McClure, DVM — 170 S William Dillard Dr #114, Gilbert, AZ 85233
- Hippo Veterinary Group — 160 N McQueen Rd, Gilbert, AZ 85233
Frequently Asked Questions
What type of property is this?
Medical Office Space - Leased medical suite with reception, treatment, storage, and staff support areas.
Where is this medical office space located?
The property is located at 1543 West Elliot Road Gilbert, AZ.
What is the asking price?
The asking price for this property is $432,384.
What are key features of this property?
This property features: 1,502‑square‑foot medical office condominium; Leased to a medical spa under a 5‑year term; Four treatment rooms with reception area
